To 777qk who stated that "That put us on better terms with the higher-ups across the pond, and I hear we are at the top of the waiting list of US airlines (if thats any consolation!)."
Hate to burst your bubble... But, there is no waiting list for slots at Heathrow... Unless you are currently authorized to fly in and out of Heathrow, you can't get into the queue for more slots or lease slots from an alliance partner...
When Continental is finally allowed to fly to Heathrow, I also wouldn't expect more than two daily frequencies to start. That is about as many as non-incumbent carriers got at Narita after the most recent US/Japan bilateral. The British will probably promise more, just as the Japanese did, to make a deal happen that gives BA and AA anti-trust immunity. But, like the Japanese, the British won't release the requisite number of slots that the non-incumbent carriers need to start all the new services. As the Japanese did, the British will claim that Heathrow is after all a slot-constrained airport.
Then, everyone seems to assume that Continental will get a slot for a flight to Heathrow from Newark or elsewhere that is competitive with AA's slots from Newark or elsewhere... Welcome to the airline game. It just doesn't happen that way. You get what is available, not what AA or UA currently have. Both AA and UA have traded slots for years with other foreign carriers in order to acquire the most advantageous arrival and departure times. When you have a large number of slots, and operate out of a number of geographically distinct gateways, like both AA and UA, trading slots is easy, because there is always something you have that somebody wants. When you have only four slots for two daily frequencies, you're the wallflower of the ball.
I've contended before that AA operates a LHR flight out of Newark, because this is how it leverages a strategic asset against Continental which over the last five years has claimed that it is the largest airline in New York. Domestically that may be true, but AA's Newark flight to Heathrow is a constant reminder to Continental that AA is the largest US carrier to and from London Heathrow in the NY Area. That will probably not change even under a new US/UK bilateral.